CryptoSnacks Investment Summary - June, 2017
The Snack:
June marked the first month of investing in cryptocurrencies. Positions were initialized in seven cryptoassets: Bitcoin ($BTC), Ethereum ($ETH), Litecoin ($LTC), Steem ($STEEM), Dash ($DASH), Veritaseum ($VERI), and DigiByte ($DGB), beginnning on June 6th. Net return after 3.5 weeks is 11.14%. Nice!
The Entree:
The month started with initial purchases of ethereum and bitcoin. The ethereum buy was to establish a base position in the cryptocurrency, whereas the bitcoin purchase was primarily done to purchase other cryptoassets that can only be acquired using bitcoin.
Overcoming the delays at coinbase and bank transfer setup verification took almost two weeks and required a fair bit of patience as I watched investing opportunities temporarily disappear. That said, once the accounts were properly configured and validated, transactions became pretty straightforward. And the opportunities reappeared.
I intentionally started small, sending test transactions for thousandths of shares initially, while I both learned how the systems worked and confirmed that they (and I) were functioning correctly.
My third and fourth purchases were DASH and STEEM, respectively. Then I took a tiny position in DigiByte with some leftover bitcoin while waiting for my account to fund again. After it did, I added to my bitcoin position to purchase more STEEM, added to my ethereum holdings, and initiated a position in Veritaseum.
At of today, June 30th, approximately 75% of available capital is invested, with 25% sitting at the ready for the inevitable pullbacks and subsequent buying opportunities. BringIt :)
Current portfolio allocations:
- $STEEM: 24%
- $ETH: 23%
- $BTC: 19%
- $LTC: 16%
- $VERI: 10%
- $DASH: 7%
- $DGB: <1%
Nice post - I like the update style. Decent fund also. Have you looked at the Iconomi platform ... might be a project you'd do well to follow.
Looking forward to the next update !
Thanks - and thanks for the suggestion. I've heard of Iconomi, but haven't had the time to look into it yet. What do you like about it?
I'm going to follow you, interesting to read your investment strategy.
Thank you - I'll also be doing posts on the reasons I like various cryptos too. Stay tuned! :)
You have a really nice portfolio and a proper strategy! Will follow as I want to see more :)
What I see missing is some really risky coin that just finished ICOs or with super pump potential.
Thanks! I agree, and am planning on branching out to include some of the riskier ones after I finish building up a solid base. I'm always looking for opportunities - any you like or recommend checking out?
The last 2 I got are BNT and BAT.... I love ETFs as financial product so per definition I was obliged to buy into BNT, I think it has a gigantic potential especially as the market is all about FOMO.... BAT again, I want to use the Ad platform once they connect to the Brave Browser.... Currently they are both taking a bath and leaving down a solid 20% since I bought.... so they are both in accumulation period... BNT more than BAT probably, as BAT can go down even more...
I'm a big fan of ETFs too and am toying with the idea of making my own coin-based index fund. I haven't heard much about BNT, what can you tell me about it? I'll take a look at it along with BAT and ICON and get up to speed on them.
(Upvoted and followed - I'll check out your posts now :)
BNT is basically what you are looking for, it's a platform that allows you to create your own ETFs with cryptos... It's like a Motif but for cryptos, they have an alpha available you can play with :)
Thank you :) Let me know your thoughts!
Awesome - thanks! I'm checking out their alpha - created a CryptoSnacks ETF token/community and am playing with the interface a bit. They don't seem to have a lot of functionality hooked up yet tho.
I was able to create the tokens and set some reserves, but can't adjust or manage reserve percentages or start an ICO yet. Granted, I'm the only member of the community, so maybe I need other people to join before I can do more... am I missing something? What have you done with it? Did you create a token or community I can join?
Thanks so much for suggesting it - I'm stoked :)
Problem is it's an alpha version on alpha net network so it is not on the real blockchain now.... Yes at the moment you can just to stuff like that and send the tokens you have created manually.... regarding the reserve it is part of the smart contract (at least according to the white paper). So if I understood right you create the ETF and put 100% of the tokens as reserve, but you need to send the tokens into reserve. It is not 100% as an ETFs because you don't mirror the value but you have to send the coins into reserve. and only at that point the token is mirroring the value of the reserve.
As said it is a first step, we will need to wait for the beta to see what else we can do... at the moment they are pushing more into the community session in order to allowed basically everybody with a blog or website to receive X tokens as contributions or currencies for purchasing... Not sure it's 100% clear what I've written... Let me know :)
I hear ya - I've been playing around with it a bit, need to get some friends to join my community so I can test further. I've seen that someone actually got the ICO part working - I got a message from them this morning that they're open for auction.
It's definitely alpha , but I think they're off to a good start. I've been seeing good press on Bancor too, looks like they're getting some traction with their tech abroad. Missed my spot to buy BNT at last night's low, hoping for a pullback.
Have you set up a community/token on their alpha? What's the name? I'll join and we can experiment more with the platform... :)
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